Goldman names 16 Indian-origin persons as MDs

November 16, 2012 14:38 IST

Global financial services giant Goldman Sachs has promoted 266 persons, including at least 16 of Indian-origin as managing director, while three others of Indian origin have been named as Partners at the group.

The US-based group has named 70 individuals as its partners and has announced a list of 266 persons to become managing directors with effect from January 1, 2013.

The list of 70 new partners include at least three persons of Indian origin -- Vivek Bantwal, Amol Naik and Gaurav Seth. More than half of the new partners would be based in Americas.

Besides, there are at least 16 persons of Indian origin among 266 individuals being promoted as managing directors.

The group announces a list of Managing Directors every year, while the list of Partners are generally announced once in two years.

At the Goldman Sachs group, Managing Director's position is one rank below that of the partner.

Last year, it had promoted 261 executives to the position of managing director.

The partners are also known at the group

as 'Participating Managing Directors'.

Typically, a managing director at Goldman Sachs earns a base salary of $500,000, while that of Partners is in the range of $900,000.

Both these classes of senior management executives are also paid a considerable sum as bonuses.

The group has close to 32,600 employees across the world currently, down from about 34,200 a year ago.

On naming new partners, Goldman Sachs said in a statement that 'these appointments recognise some of the firm's most valued senior professionals and acknowledge their leadership and contribution to the firm's culture of excellence.'

"We congratulate all those selected on this important achievement and look forward to their leadership in the years ahead," Goldman Sachs' chairman and chief executive officer Lloyd C Blankfein said.

On selection of the new class of managing directors, Blanfein said: "The dedication and leadership of this group represent the best of Goldman Sachs, and we wish our new managing directors continued success."

Goldman Sachs is a leading global investment banking, securities and investment management firm and provides a wide range of financial services to clients including corporations, financial institutions, governments and high net worth individuals.

Founded in 1869, it is headquartered in New York and has offices in all major financial centres around the world.